First Breakthrough Made on Independent Deepwater Exploration in Qiongdongnan Basin

HONG KONG, March 19, 2014 /CNW/ - CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883) today announced that the Company has recently made a
new mid-sized gas discovery Lingshui17-2, which indicated the first
breakthrough on the independent deepwater exploration in Qiongdongnan
Basin of South China Sea.

Lingshui17-2 is located in the east Lingshui Sag in deepwater area of
Qiongdongnan Basin, with the average water depth of about 1,450 meters.
The discovery well Lingshui17-2-1 is drilled and completed at a depth
of 3,510 meters and encountered the gas reservoir with a total
thickness of about 55 meters.

The discovery has not only proven the exploration potential of
structural and lithologic trap in central Canyon channel of Lingshui
Sag, but also further confirmed the good exploration prospects in
deepwater area of Qiongdongnan Basin.

This press release includes "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act
of 1995, including statements regarding expected future events,
business prospectus or financial results. The words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing", "may",
"will", "project", "should", "believe", "plans", "intends" and similar
expressions are intended to identify such forward-looking statements.
These statements are based on assumptions and analysis made by the
Company in light of its experience and perception of historical trends,
current conditions and expected future developments, as well as other
factors that the Company believes reasonable under the circumstances.
However, whether actual results and developments will meet the
Company's expectations and predictions depends on a number of risks and
uncertainties which could cause the actual results, performance and
financial conditions to differ materially from the Company's
expectations, including those associated with fluctuations in crude oil
and natural gas prices, the exploration or development activities, the
capital expenditure requirements, the business strategy, whether the
transactions entered into by the Company can complete on schedule
pursuant to its timetable or at all, the highly competitive nature of
the oil and natural gas industries, the foreign operations,
environmental liabilities and compliance requirements, and economic and
political conditions in the People's Republic of China. For a
description of these and other risks and uncertainties, please see the
documents the Company has filed from time to time with the United
States Securities and Exchange Commission, including 2012 Annual Report
on Form 20-F filed on April 24, 2013.

Consequently, all of the forward-looking statements made in this press
release are qualified by these cautionary statements. The Company
cannot assure that the results or developments anticipated will be
realized or, even if substantially realized, that they will have the
expected effect on the Company, its business or operations.